Unions and management discuss reforms as pension deficit doubles. Scheme would need an extra €103m a year to meet minimum funding standards

T
he black hole in the An Post pension scheme has ballooned above €800m, more than double the deficit that was outlined in the group’s annual report for 2010. It has prompted trade union leaders to demand an end to “delays” on proposed changes to pension funding rules, which they say are threatening the €1.8 billion fund’s survival.

The Sunday Times understands an actuarial assessment of the An Post scheme, which has more than 16,500 members, estimated the deficit at €820m at the beginning of last month.

An Post’s 2010 annual report said the deficit was €369m, down from €582m in 2008.

Trade union leaders have been in talks in recent weeks with An Post management in an effort to agree a package of measures to plug the deficit.

To meet the government’s minimum funding standards, the scheme needs an extra €103m a year. The company’s contribution into the fund is